This is the sharing of Ms. Nguyen Thi Hong - Governor of the State Bank of Vietnam (SBV) at the meeting with 200 typical businessmen of the Government Standing Committee this morning (October 4).

Ms. Hong said that the SBV has always been aware of the importance of the business environment for enterprises. Therefore, over the years, the SBV has always been steadfast and overcome all difficulties to contribute to stabilizing the macro economy, controlling inflation, and stabilizing the monetary and foreign exchange markets.

In addition, the State Bank also implements and focuses on administrative reforms, ranking among the top in the Par Index, contributing to improving the business environment for Vietnamese enterprises.

According to Ms. Hong, the banking industry always considers businesses as companions because businesses are both depositors and borrowers in the banking system. Policy solutions for banking activities are all aimed at businesses and people as the center according to the direction of the Government and the Prime Minister.

"Every time the economy is in difficulty, people and businesses face difficulties, the banking system has resolutely implemented many support solutions, especially during the Covid-19 pandemic or before many fluctuations in recent times, such as: restructuring debt repayment terms, maintaining debt groups, waiving and reducing interest and fees for businesses.

In credit institutions, banks are also businesses, but they are also very sympathetic and humane, dedicating financial resources, allocating about 60,000 billion VND to reduce interest and fees for businesses, although in reality credit institutions do not receive any financial support policies," Ms. Hong said.

According to the Governor of the State Bank, businesses have the desire to contribute to the country, and so do credit institutions. However, in addition to the normal operating goals of businesses, credit institutions are financial intermediaries, mobilizing money for lending, so they still have to implement financial principles and disciplines, ensuring the safety of each financial institution, thereby ensuring the safety of the entire banking system.

"We have established safe zones for credit institutions to maintain a stable business environment for businesses and people," the Governor shared.

As the monetary and credit management agency, Ms. Hong said that the State Bank wants to reduce interest rates and provide adequate credit, but the State Bank's mission is to contribute to controlling inflation and stabilizing the macro economy, ultimately for the business environment of enterprises.

"The State Bank hopes that businesses will share from the perspective of credit institutions and the State Bank's mission, the overall economy," she said.

The State Bank of Vietnam's leaders said that it is necessary to have a comprehensive assessment of the current situation of Vietnamese enterprises and breakthrough solutions to develop "leading crane" enterprises and satellite enterprises.

Vietnam has more than 930,000 active businesses, of which 98% are small and medium-sized enterprises. We have 1 law to support small and medium-sized enterprises and 5 Decrees, but the actual implementation has not met expectations. Therefore, it is necessary to closely assess the reality to come up with solutions.

Regarding the 0% interest rate issue, Ms. Hong said that there was a high level of dollarization in the past. In 2007-2008, the economy had a foreign currency surplus but each region kept foreign currency and did not sell it.

"The State Bank of Vietnam has to sell foreign currency, causing the exchange rate and foreign exchange market to fluctuate strongly, affecting the psychology of foreign investors as well as the business environment. Therefore, since 2016, the State Bank of Vietnam has implemented synchronous solutions to eliminate the psychology of hoarding foreign currency, including the 0% USD interest rate solution. That policy has contributed to stabilizing the exchange rate and the foreign exchange market, which is a bright spot for our country to improve its credit rating," Governor Nguyen Thi Hong shared.